Upon successful Pre-Qualification a formal application and an in-depth evaluation of the Candidate’s qualifications to become a TGI Fridays franchisee is completed.
Fridays coordinates an introductory interview with the Candidate.
Candidate signs a Non-Disclosure Agreement, and is given Fridays International Franchise
Franchise Disclosure Document that outlines key factors in the franchise relationship.
Candidate completes and submits Fridays Formal Franchise Application, together with all requested supporting documentation.
Candidate completes and submits a business plan, based upon the Fridays business plan template. Fridays will provide assistance to Candidate as needed to complete the business plan template.
Application Review & Approval (2 to 4 weeks)
Fridays reviews Formal Franchise Application, including financial analysis and reference checks.
Fridays review of Candidate’s submitted business plan.
Formal Franchise Application, including financial analysis and reference checks.
Depending upon successful review of the Formal Franchise Application and business plan, Fridays will coordinate Candidate’s visit to Fridays headquarters to acquaint itself with the Fridays International Franchising Leadership Team, Candidate’s questions and an in-depth discussion of market opportunities.
LOI (Letter of Intent), Development & Franchise Agreements (3 to 5 weeks)
Upon successful Formal Qualification and Approval, the next step in the process is the conditional commitment to proceed with negotiation of development terms for the territory, to be documented by an LOI between the Candidate and TGI FridaysTM. Among other things, the LOI will address the following:
Number of units to be developed per year
Royalty rate terms
Concept and Franchise fees
Once the LOI is signed, the Candidate will provide Fridays with documentation needed to finalize Fridays due diligence to enter into the formal franchise relationship. This documentation will include:
Confirmation of the legal existence and ownership structure(s) of the proposed development/franchise entities
Completion of background check and authorization forms for the ultimate owners of these entities (if it is not completed as part of the application process).
While the final diligence is being performed by Fridays, the Candidate will have the opportunity to:
Review the Development Agreement provided by Fridays
Develop a market development plan, to be implemented after the Development Agreement is signed with the assistance of the Fridays Development Team.
Upon successful completion of Fridays diligence and signing of the Development Agreement, the Franchisee initiates a site search in priority trade areas based upon the market development plan and begins organizational staffing in preparation for restaurant development and operations.